Fed’s Powell fears second coronavirus wave, reiterates crisis-fighting pledge

© Reuters. FILE PHOTO: U.S. Federal Reserve Chairman Jerome Powell  speaks in Washington By Howard Schneider and Lindsay (NYSE:) Dunsmuir WASHINGTON (Reuters) – Federal Reserve Chair Jerome Powell on Friday said a potential surge in U.S. coronavirus infections could derail the recovery from the deep downturn triggered by the pandemic, even as he reiterated the central […]

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Fed’s Mester says it’s hard to imagine quick V-shaped recovery

© Reuters. FILE PHOTO: Cleveland Federal Reserve Bank President Loretta Mester speaks in London NEW YORK (Reuters) – Cleveland Federal Reserve Bank President Loretta Mester said economic activity could pick up in the third quarter as businesses begin to reopen, but she cautioned the recovery is likely to be slow as consumers and businesses take […]

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Fed’s Powell to speak as focus turns from crisis to bond-buying

© Reuters. FILE PHOTO: U.S. Federal Reserve Chairman Jerome Powell  speaks in Washington By Howard Schneider WASHINGTON (Reuters) – Federal Reserve Chair Jerome Powell will speak in a public webcast on Friday, with the details of the U.S. central bank’s coronavirus-era programs nearly complete and attention turning to the next phase of its response: a likely […]

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With ‘Main Street’ in view, Fed weighs risks of job, productivity shocks

2/2 © Reuters. FILE PHOTO: Federal Reserve Board building on Constitution Avenue is pictured in Washington 2/2 By Howard Schneider WASHINGTON (Reuters) – U.S. Federal Reserve officials have talked broadly about helping households and firms through the current economic crisis and quickly unleashed trillions of dollars in cash and credit guarantees to build a “bridge” […]

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Fed posts fee schedule for Municipal Liquidity Facility

© Reuters. FILE PHOTO: People walk wearing masks outside The Federal Reserve Bank of New York in New York (Reuters) – The New York Federal Reserve Bank on Thursday posted a schedule of fees to be paid to BLX LLC, the administrative agent for its Municipal Liquidity Facility, the $500 billion borrowing program for states […]

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Fed’s Kaplan says U.S. economy has bottomed, ties rebound to testing

© Reuters. FILE PHOTO: Dallas Federal Reserve Bank President Robert Kaplan speaks during an interview in his office at the bank’s headquarters in Dallas By Ann Saphir (Reuters) – The U.S. economy has likely bottomed, Dallas Federal Reserve Bank President Robert Kaplan said on Thursday, but a healthy rebound depends on a massive increase in […]

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NY Fed’s Williams says central bank has tools more powerful than negative rates

© Reuters. FILE PHOTO: John C. Williams, president and CEO of the Federal Reserve Bank of New York speaks to the Economic Club of New York in the Manhattan borough of New York NEW YORK (Reuters) – Negative interest rates are not a tool that makes sense for the U.S. central bank, New York Federal […]

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U.S. states, cities may snub Fed lending program over high rates

© Reuters. FILE PHOTO: The Federal Reserve on Mayday in Washington By Karen Pierog CHICAGO (Reuters) – High borrowing costs will limit participation in a $500 billion U.S. Federal Reserve short-term borrowing program set up to address state and city revenue shortfalls due to the economic fallout from the coronavirus outbreak, analysts said. While Illinois, […]

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Fed’s Powell to appear on CBS’ ’60 Minutes’ on Sunday: CBS

WASHINGTON (Reuters) – U.S. Federal Reserve Chair Jerome Powell will appear on CBS’ “60 Minutes” news show on Sunday at 7 p.m., the network said on Friday, his second broadcast television interview since the outbreak of the coronavirus pandemic prompted the Fed into a series of emergency moves to stabilize the economy. Powell in a […]

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Fed’s Daly, echoing Powell, sees slow recovery, need for more support

© Reuters. FILE PHOTO: San Francisco Federal Reserve Bank President Mary Daly poses in San Francisco (Reuters) – It will likely take more than just a few months before the millions of Americans who have lost their jobs on fallout from the coronavirus pandemic will be able to get back to work, San Francisco Federal […]

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Less than zero? Fed’s Powell shows no love for negative rates

© Reuters. FILE PHOTO: U.S. Federal Reserve Chairman Jerome Powell  speaks in Washington (Reuters) – Federal Reserve Chair Jerome Powell had a clear message to interest rate futures traders on Wednesday: Bets the U.S. central bank is headed toward a negative interest-rate policy are off-base. The Fed’s top official became the latest in a parade of […]

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Fed chief has no time to worry about U.S. debt during wartime

2/2 © Reuters. FILE PHOTO: U.S. Federal Reserve Chairman Jerome Powell  speaks in Washington 2/2 By Howard Schneider WASHINGTON (Reuters) – The U.S. government has a $3 trillion bulge of debt coming through the pipeline because of the coronavirus pandemic. It also has perhaps 30 million or more freshly unemployed Americans to support, tens of thousands […]

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In nod to grim U.S. outlook, Fed’s Powell calls for more fiscal support

© Reuters. U.S. Federal Reserve Chairman Jerome Powell  speaks in Washington By Howard Schneider and Ann Saphir WASHINGTON (Reuters) – The head of the Federal Reserve warned on Wednesday of an “extended period” of weak economic growth, vowed to use the U.S. central bank’s power as needed, and called for additional fiscal spending to stem the […]

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Fed’s Powell warns of prolonged economic weakness, calls for more fiscal support

© Reuters. U.S. Federal Reserve Chairman Jerome Powell  speaks in Washington By Howard Schneider and Ann Saphir WASHINGTON (Reuters) – Federal Reserve Chair Jerome Powell, in a sober review of where the U.S. economy stands on the cusp of its reopening, warned on Wednesday of an “extended period” of weak growth and stagnant incomes, pledged to […]

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Stocks tumble after Fed Chair Powell warns coronavirus could scar economy

US stocks tumbled Wednesday as Federal Reserve boss Jerome Powell warned the coronavirus could leave the economy with lasting scars. The Dow Jones industrial average fell as much as 292.48 points, or 1.2 percent, to 23,472.30 in early trading after Powell said the pandemic poses “significant downside risks” to the nation’s economic recovery. The S&P […]

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Fed’s Powell says economy may face ‘extended period’ of weak growth

© Reuters. U.S. Federal Reserve Chairman Jerome Powell  speaks in Washington By Howard Schneider WASHINGTON (Reuters) – Federal Reserve Chair Jerome Powell, in a sober review of where the U.S. economy stands on the cusp of its reopening, said on Wednesday the country could face an “extended period” of weak growth and stagnant incomes, pledged to […]

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Powell warns of a possible sustained recession from pandemic

Federal Reserve Chair Jerome Powell said the threat of a prolonged recession remains and urged Congress and the White House to act further to prevent long-term economic damage from the viral outbreak By CHRISTOPHER RUGABER AP Economics Writer May 13, 2020, 1:03 PM 2 min read 2 min read WASHINGTON — Federal Reserve Chair Jerome […]

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Fed’s Powell to assess next phase of pandemic economy

© Reuters. U.S. Federal Reserve Chairman Jerome Powell  speaks in Washington By Howard Schneider WASHINGTON (Reuters) – Federal Reserve Chair Jerome Powell, having overseen the rapid creation of the central bank’s massive network of pandemic-era programs, turns his attention Wednesday morning to where things stand on the cusp of what may be a risky reopening occurring […]

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Fed’s Mester says virus testing and treatments needed for economy to recover in 2nd half

© Reuters. Cleveland Federal Reserve President and CEO Loretta Mester gives her keynote address at the 2014 Financial Stability Conference in Washington (Reuters) – More progress needs to be made on testing and treatments to control the coronavirus outbreak before people can feel safe and the U.S. economy can begin to grow again in the […]

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Fed Chair Powell, Gov. Brainard to host ‘Fed Listens’ event May 21

2/2 © Reuters. FILE PHOTO: U.S. Federal Reserve Chairman Jerome Powell  speaks in Washington 2/2 (Reuters) – Federal Reserve Chair Jerome Powell and Fed Governor Lael Brainard will host a virtual “Fed Listens” event to take stock of the economic effects of the coronavirus pandemic on May 21, the U.S. central bank said on its website. […]

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Fed to Disclose More Details for TALF, PPP Liquidity Programs

© Bloomberg. The Marriner S. Eccles Federal Reserve building stands in Washington, D.C., U.S., on Wednesday, July 31, 2019. The Federal Reserve is widely expected to lower interest rates by a quarter-point at its meeting that concludes Wednesday and leave the option open for additional moves despite demands by President Donald Trump for a (Bloomberg) […]

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Barkin: ‘Little bit of money’ from new facilities could keep corporate markets settled

© Reuters. FILE PHOTO: Federal Reserve Bank of Richmond President Thomas Barkin poses during a break at a Dallas Fed conference on technology in Dallas WASHINGTON (Reuters) – The theory behind the Fed’s new corporate credit facilities is that a relatively small investment would keep private trading on track after it began to falter in […]

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Fed’s Harker says opening economy too soon risks second wave of virus

© Reuters. Federal Reserve Chair Yellen participates in a roundtable discussion with Federal Reserve Bank of Philadelphia President Harker and members of the West Philadelphia Skills Initiative in Philadelphia By Jonnelle Marte (Reuters) – The U.S. economy’s recovery from the coronavirus crisis will likely be uneven and could be reversed if businesses open too soon […]

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Fed’s Kaplan says he opposes using negative interest rates

© Reuters. Dallas Federal Reserve Bank President Robert Kaplan speaks at the Commonwealth Club in San Francisco (Reuters) – Dallas Federal Reserve Bank President Robert Kaplan on Tuesday became the latest U.S. central banker to unequivocally reject negative interest rates as a monetary policy tool. “I would be against negative interest rates,” Kaplan said in […]

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Once taboo, investors begin to imagine negative U.S. rates

© Reuters. FILE PHOTO: Federal Reserve Board building on Constitution Avenue is pictured in Washington By Saqib Iqbal Ahmed and Tom Westbrook NEW YORK/SINGAPORE (Reuters) – Negative interest rates in the United States were once unimaginable. The coronavirus has changed that. While the Federal Reserve has all but ruled it out, the sweeping economic and […]

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